London shares end year down 5.6%

FTSE 100 ekes out small gain in final 2011 session

By

ClareHutchison

LONDON (MarketWatch) — Britain’s benchmark stock index posted a small gain in the final trading session of 2011 on Friday, but finished the year with an annual loss as economic and political turmoil took a toll.

The FTSE 100 (UKX) rose 5.51 points, or 0.1%, to close at 5,572.28. Trading ran for half a day on Friday. London markets will be closed Monday for the New Year holiday.

The index declined 5.6% compared with its year-earlier closing value, but in the three-day trading week the FTSE 100 gained 1.1% on the previous week. The FTSE still outperformed its continental counterparts in 2011, with the Germany’s DAX 30 index (DAX) posting a nearly 15% annual loss and France’s CAC-40 (PX1) set for a nearly 18% decline.

The London equities benchmark rose 1.1% Thursday as investors took stock of a debt auction in Italy, which saw yields on 10-year bonds cut.

Oil stocks were mixed. BG Group PLC (BG.) added 0.4%. The company said Friday that its Brazilian partner, Petroleo Brasileiro SA, (PETR4) certified the Guara field in Santos Basin, offshore Brazil, as commercially viable.

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